Question
14 The majority of Martins sales (65 percent) are cash, but a few of the excursion companies purchase on credit. Of the credit sales, 45
14
The majority of Martins sales (65 percent) are cash, but a few of the excursion companies purchase on credit. Of the credit sales, 45 percent are collected in the month of sale and 55 percent are collected in the following month. All of Martins purchases are on account with 50 percent paid in the month of purchase and 50 percent paid the following month.
Required:
Determine budgeted cash collections for July and August.
Determine budgeted cash payments for July and August.
1. Budgeted Cash Collection
July and August
2. Budgeted Cash Payment
July and August
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